The Numbers Lounge

The Latest

Shark Tank and Knowing your Numbers

I was watching Shark Tank this Sunday night (OK now just watching but watching and tweeting) which is now my new favourite thing to do. Complete geek I know. I’m always surprised by the number of business owners that rock up to pitch to the Sharks and don’t know their numbers. Seriously shocked. However this surprise was taken to a new level this Sunday night by a business owner that wanted $75,000 for three percent of his company. Now first of all, I’m thinking that with a $2.5 million valuation of his company he should be all over his numbers.

How wrong was I!

Not only did the business owner NOT know his numbers but he said, “you’d need to ask my accountant.” Now, I’m aware that as an accountant, I have a better head for figures than some business owners. But that shouldn’t be an excuse not to know your critical numbers. As a business owner, you shouldn’t be palming off the numbers of your business to your accountant – you should know the most important ones yourself.

If you need help with this we have a many programs you can access from our A+TA Way Packages where our Getting Fit and Getting Strong packages include monitoring and reporting through to our book-keeping packages or a simple stand alone option where for $99 a month, if you use Xero, we can set up your budget and monitor your progress each month.

However you choose to do it, the most important thing is to decide to do something.

That’s because the secret is you don’t need to know all your numbers – just the critical ones that will help you get where you want to go. And you don’t need to be an accountant to track, monitor and measure them. Don’t leave the success of your business to chance and don’t rely completely on your accountant. Make sure you know the critical numbers in your business.

To find out more details about our packages, monitoring programs or bookkeeping simply email erin@byata.com.au or to download a factsheet to find out more about your numbers head to Shopping List at http://www.moremoneyforshoes.com.au/shoppinglist list and click on the Trench and Critical Numbers.